Substitute Senate Bill No. 1050
Substitute Senate Bill No. 1050
SPECIAL ACT NO. 97-5
AN ACT CONCERNING THE AUTHORIZATION OF BONDS OF
THE STATE FOR THE UNIVERSITY OF CONNECTICUT.
Be it enacted by the Senate and House of
Representatives in General Assembly convened:
Section 1. (a) For the purposes described in
subsection (b) of this section, the State Bond
Commission shall have the power, from time to
time, to authorize the issuance of bonds of the
state in one or more series and in principal
amounts in the aggregate, not exceeding nine
million four hundred thousand dollars.
(b) The proceeds of the sale of said bonds,
to the extent of the amount stated in subsection
(a) of this section, shall be used by The
University of Connecticut for the purpose of any
and all costs associated with the renovations and
improvements to the Babbidge Library and plaza
deck.
(c) All provisions of section 3-20 of the
general statutes, or the exercise of any right or
power granted thereby which are not inconsistent
with the provisions of this section are hereby
adopted and shall apply to all bonds authorized by
the State Bond Commission pursuant to this
section, and temporary notes in anticipation of
the money to be derived from the sale of any such
bonds so authorized may be issued in accordance
with said section 3-20 and from time to time
renewed. Such bonds shall mature at such time or
times not exceeding twenty years from their
respective dates as may be provided in or pursuant
to the resolution or resolutions of the State Bond
Commission authorizing such bonds. None of said
bonds shall be authorized except upon a finding by
the State Bond Commission that there has been
filed with it a request for such authorization,
which is signed by the Secretary of the Office of
Policy and Management or by or on behalf of such
state officer, department or agency and states
such terms and conditions as said commission, in
its discretion, may require. Said bonds issued
pursuant to this section shall be general
obligations of the state and the full faith and
credit of the state of Connecticut are pledged for
the payment of the principal of and interest on
said bonds as the same become due, and accordingly
and as part of the contract of the state with the
holders of said bonds, appropriation of all
amounts necessary for punctual payment of such
principal and interest is hereby made, and the
State Treasurer shall pay such principal and
interest as the same become due.
Sec. 2. This act shall take effect from its
passage.
APPROVED April 18, 1997